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THERESE NELSON

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Issa Reveals Payoffs to Congress via Loan Program -

Seeded on Tue Dec 20, 2011 3:42 PM EST
Read ArticleArticle Source: Townhall Finance
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Rep Darrell Issa (R-CA) alerted members of the House Oversight Committee that four members of the House received VIP loans from sub-prime mortgage powerhouse Countrywide, according to the Wall Street Journal

The loans contained artificially low interest rates along with other artificial sweeteners for the members. These loans were not available to the general public.

In a letter issued to members by Issa, who is chairman of the committee, he referred to the loans as possible ethics violations and "possible wrongdoing by Members of Congress.

Already the VIP loan program, run by Countrywide as an attempt to secure favor with top public officials, has killed the career of at least one member of Congress.

Senator Christopher Dodd, widely know for his misguided attempt at reforming the financial services laws- called Dodd-Frank- received loans from Countrywide for two houses that Dodd claimed as a primary residence.

And if you can figure out how you can divide two houses into one primary residence and get a whole number, then congratulations! You’re a Democrat.

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Therese Nelson

Already the VIP loan program, run by Countrywide as an attempt to secure favor with top public officials, has killed the career of at least one member of Congress.

  • 4 votes
Reply#1 - Tue Dec 20, 2011 3:46 PM EST
my-pockets-r-mt

No surprise, sure they feel they are entitled.

  • 3 votes
#1.1 - Tue Dec 20, 2011 4:01 PM EST
Therese Nelson

Dear my,

Yes, my friend, these Dems feel they are entitled and are not accoutable.

I appreciate Rep Darrell Issa of the Oversight Committee, he has been dilligent with his ethics investigations.

  • 4 votes
#1.2 - Tue Dec 20, 2011 4:33 PM EST
Therese Nelson

Article in part...

And if you can figure out how you can divide two houses into one primary residence and get a whole number, then congratulations! You’re a Democrat.

  • 3 votes
#1.3 - Tue Dec 20, 2011 5:16 PM EST
Reply
Rob-LVNevada

The oversight committee received about 100,000 pages of documents related to the VIP loan program after issuing a subpoena in February to Bank of America, which now owns Countrywide…. The VIP program also was known as "Friends of Angelo," a reference to Countrywide's former Chief Executive Angelo R. Mozilo.

The LA Times reports that Countrywide made 173 loans to employees of Fannie Mae and Freddie Mac, “which purchased many of the company's loans.”

Additionally about 30 Senate employees were given loans under the VIP program according to the Wall Street Journal

Sickening. Just sickening. The web of corruption extends far and wide on this one.

  • 4 votes
Reply#2 - Tue Dec 20, 2011 5:37 PM EST
Therese Nelson

Dear Rob,

Yes, it is sickening. Dem Nancy Pelosi certainly did not drain the swamp.

I am impressed with Rep Darrell Issa and his investigation of the abuse of power.

  • 3 votes
#2.1 - Wed Dec 21, 2011 4:27 AM EST
Reply
wavesofgrain

I can't wait 'till the rest of the abusers are revealed!

  • 2 votes
Reply#3 - Tue Dec 20, 2011 9:02 PM EST
Therese Nelson

Dear waves,

Yes, I too would like the names of those who persistently abuse their office.

  • 3 votes
#3.1 - Wed Dec 21, 2011 4:28 AM EST
Rob-LVNevada

...and the ones that buy large tracts of land with nothing around it, and then have roads built, thus greatly inflating the value.

...and the ones that use their insider knowledge to profit illegally on Wall Street.

...and...sigh.

    #3.2 - Wed Dec 21, 2011 1:09 PM EST
    Reply
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